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The following standard cost information was provided for Davis Manufacturing:Standard direct labor ...
LiChan
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The following standard cost information was provided for Davis Manufacturing:Standard direct labor ...
The following standard cost information was provided for Davis Manufacturing:
Standard direct labor rate $21.00 per hour
Standard direct labor efficiency 5 hours per unit
In October, Davis Manufacturing completed 7,000 units of product using 34,250 direct labor hours at an actual cost of $736,375.
REQUIRED:
1.) How much did the company pay per hour for the 34,250 actual direct labor hours?
2.) Determine the direct labor rate variance.
3.) How many hours of direct labor should it have taken to produce the 7,000 units?
4.) Determine the direct labor efficiency variance in hours.
5.) Determine the direct labor efficiency variance in dollars.
Textbook
Survey of Accounting: Making Sense of Business
Edition:
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st
Author:
Terrell
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1.) The company paid $21.50 per hour. ($736,375 / 34,250)
2.) $17,125 unfavorable. Actual rate $21.50
Standard rate 21.00
Difference .50 x 34,250 actual hours.
3.) The company should have used 35,000 direct labor hours. (7,000 units × 5 hours per unit.)
4.) 750 favorable. (34,250 actual - 35,000 standard.)
5.) $15,750 favorable (750 hours × $21.00)
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LiChan
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How do you know this stuff so well, wish I was as smart
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